Source Pravda.Ru

Gazprom plans big Eurobond issue

Gazprom plans a major issuance of midlength bonds that, for the first time, will be denominated in Euros. As reported today by the press service of the company, Gazprom will set the price of the bonds in the week beginning September 15.

Organizing and managing the issue for Gazprom are Deutsche Bank and UBS. Boris Urlov, vice chairman of Gazprom, will lead a tour of Asia in connection with the sale. Meetings with investors are set for September 11 in Hong Kong and September 12 in Singapore.

Andrei Kruglov, who heads Gazprom's corporate finance department, will lead the company's tour of Europe. It plans meetings September 10 in Zurich and Geneva, September 11 in Milan and Venice, and September 12 in Frankfurt-on-Main. The final meeting with investors is set for September 15 in London.

Gazprom was formed in February 1993 when the state gas firm Gazprom was incorporated. It grew out of the USSR Ministry of the Gas Industry (1989). Gazprom is capitalized at approximately USD 4 billion, divided among almost 24 billion nominally valued shares. The government holds 38.37% (of which 35% is held by the Property Ministry and 3.37% by the Russian Property Fund). Foreign owners hold 11.5%, Strotransgaz holds 5.846%, and 44.28% of the shares are held by more than half a million Russian corporate entities and individuals. Gazprom's net profit in 2002, as calculated using Russian accounting standards, was up 21.1% by comparison with the analogous figure for 2001, and totaled approximately USD 4.05 billion.

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